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U.S. Merchant Marine and World Maritime Review

The maritime industry has had a remarkable run over the past five years, which I have chronicled in Proceedings ' Naval Review issues. Last year turned out to be a watershed, and my analysis is replete with many unwavering signs of market uncertainty. Although the level of profitability in various shipping markets and sub-markets remains respectable compared with the lackluster 1990s, 2007 will go down in shipping annals as a turbulent year.

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Dr. Kumar is the academic dean at the U.S. Merchant Marine Academy, Kings Point, N.Y. Previously, he was the founding dean of the Loeb-Sullivan School of International Business and Logistics at Maine Maritime Academy in Castine. The opinions expressed in this article are the author's own and do not represent the views of either his employer or the U.S. Maritime Administration.

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